Solution of Q 41 Retirement of Partner TS Grewal 2022-23 [CBSE]

Ram, Manohar and Joshi were partners in a firm. Manohar retired and his claim including his capital and share of goodwill was ₹ 1,80,000. There was an unrecorded furniture estimated at ₹ 9,000, half of which was given for an unrecorded liability of ₹ 18,000 in settlement of claim of ₹ 9,000 and remaining half was taken by Manohar at a discount of 10% in part satisfaction of his claim. Balance of Manohar’s claim was discharged by bank draft. Pass necessary Journal entries to record the above transactions.